Bill Gurley

Well, I don't know what they are today, but the multiples that came public were not overly taxing from our perspective. But there's a lot of headwind for all these AI companies. I mean, you have NVIDIA trading at 19 times fully taxed earnings.

Well, I don't know what they are today, but the multiples that came public were not overly taxing from our perspective. But there's a lot of headwind for all these AI companies. I mean, you have NVIDIA trading at 19 times fully taxed earnings.

And so, you know, there's a lot of skepticism in the world, notwithstanding all the stuff we hear about demand, a lot of skepticism in the world about AI demand.

And so, you know, there's a lot of skepticism in the world, notwithstanding all the stuff we hear about demand, a lot of skepticism in the world about AI demand.

And so, you know, there's a lot of skepticism in the world, notwithstanding all the stuff we hear about demand, a lot of skepticism in the world about AI demand.

Well, I kind of thought that maybe you thought this was a perfect IPO because it ended day one at precisely $40, which was the offering price.

Well, I kind of thought that maybe you thought this was a perfect IPO because it ended day one at precisely $40, which was the offering price.

Well, I kind of thought that maybe you thought this was a perfect IPO because it ended day one at precisely $40, which was the offering price.

Well, I mean, listen, there's a lot of rumors swirling, which not surprisingly, this deal is set to expire or need to be extended by April 5th under the terms of the first congressional extension that was made by Trump. They've made very clear that there are a lot of buyers for the TikTok asset bill and that the president has— wants to put together a deal.

Well, I mean, listen, there's a lot of rumors swirling, which not surprisingly, this deal is set to expire or need to be extended by April 5th under the terms of the first congressional extension that was made by Trump. They've made very clear that there are a lot of buyers for the TikTok asset bill and that the president has— wants to put together a deal.

Well, I mean, listen, there's a lot of rumors swirling, which not surprisingly, this deal is set to expire or need to be extended by April 5th under the terms of the first congressional extension that was made by Trump. They've made very clear that there are a lot of buyers for the TikTok asset bill and that the president has— wants to put together a deal.

And of course, we have all these tariffs going on on China. And so I'm sure this will end up as part of a big trade negotiation as it pertains to China. But as you know, just for everybody, we're shareholders. I've been a shareholder in this company since 2015, one of the earliest venture capital rounds in ByteDance, the parent company which owns TikTok.

And of course, we have all these tariffs going on on China. And so I'm sure this will end up as part of a big trade negotiation as it pertains to China. But as you know, just for everybody, we're shareholders. I've been a shareholder in this company since 2015, one of the earliest venture capital rounds in ByteDance, the parent company which owns TikTok.

And of course, we have all these tariffs going on on China. And so I'm sure this will end up as part of a big trade negotiation as it pertains to China. But as you know, just for everybody, we're shareholders. I've been a shareholder in this company since 2015, one of the earliest venture capital rounds in ByteDance, the parent company which owns TikTok.

And for the last two years, I've agreed largely with Elon and Sachs and others that we should engage with China. We shouldn't just shut down TikTok. We should make TikTok abide by the rules and regulations, right, that we have in this country. And that's what this whole legislative unwind was about, you know, the for sale of spin out TikTok U.S. So here's what I'm hearing.

And for the last two years, I've agreed largely with Elon and Sachs and others that we should engage with China. We shouldn't just shut down TikTok. We should make TikTok abide by the rules and regulations, right, that we have in this country. And that's what this whole legislative unwind was about, you know, the for sale of spin out TikTok U.S. So here's what I'm hearing.

And for the last two years, I've agreed largely with Elon and Sachs and others that we should engage with China. We shouldn't just shut down TikTok. We should make TikTok abide by the rules and regulations, right, that we have in this country. And that's what this whole legislative unwind was about, you know, the for sale of spin out TikTok U.S. So here's what I'm hearing.

I'm hearing that there will be a new company stood up, you know, and I'm not privy to any information. I'm not party to these negotiations, but I'm, you know, let's call it TikTok U.S., And that TikTok US will be partly owned by ByteDance. But I think they have to keep that ownership threshold under 20%. So let's call it 19.5% owned by ByteDance.

I'm hearing that there will be a new company stood up, you know, and I'm not privy to any information. I'm not party to these negotiations, but I'm, you know, let's call it TikTok U.S., And that TikTok US will be partly owned by ByteDance. But I think they have to keep that ownership threshold under 20%. So let's call it 19.5% owned by ByteDance.

I'm hearing that there will be a new company stood up, you know, and I'm not privy to any information. I'm not party to these negotiations, but I'm, you know, let's call it TikTok U.S., And that TikTok US will be partly owned by ByteDance. But I think they have to keep that ownership threshold under 20%. So let's call it 19.5% owned by ByteDance.